All Forum Posts by: Justin Hennig

Any help would be great...I want to take advantage of current prices but also get the "pay annually up front" discount.

Specifically curious from wholesalers @jerry Puckett, @sharon vornholt, @sam craven, @aaron mazzrillo, and @lamar cannon....but any other BP member, please respond if you have experience with this...

It seems wholesaling could create a contentious or adversarial relationship with real estate agents (because they won't get a listing) and with other wholesalers (direct competition in a cutthroat market space). Please inject any clarity if there is anything wrong with this statement)

With that said, how do all of you mentioned above best network with RE agents and other wholesalers? Is it possible to have win/win relationships with several agents and wholesalers, perhaps to find cash buyers, find motivated sellers deals, etc or some other advantageous relationship with these folks, without butting heads?

Thanks!

I'm really surprised with what @Steve Babiak and @ed wood have answered above...

Maybe I'm not saying this right or I'm missing the point?!

I'm calling on experts and social bufferflys to help provide some more clarity...how about the expert posse... @brandon turner, @Aaron Mazzrillo, @chris clothier, @j scott, @sam craven, @jon holdman, @ben leybovich, ...(sorry, I'm leaving a lot of other people I respect out of this only because I can't think of them off the top)...

I find it unbelievable that there doesn't seem to be a long term lending solution for an LLC to borrow (thru it's member's own good credit) for Buy/Holds...only short term loans which I only see good for Flipping. So far have checked with a solid handful of lenders and haven't found anything yet...

So if I understand correctly, As an individual I can pay 20-25% down for a single/multi-family, take out a 15-30 year loan on the rest to maximize my cash-flow and leverage, and have personal liability

...OR

With a company (thru an LLC for example) there is protection from personal liability and only short term loans available, yet the long term loans are out of the question?

Part of my goal is to get many buy/hold properties with Deeds owned by an LLC, but if only short term loans are available, what are you all doing? I know @Brandon Turner is up to at least 35 units...Brandon, these can't all be under your name, right? And I've got to think most of these are long term loans.

Sorry for the rant but I just feel like this is a gaping hole in my real estate investing acumen and could alter my strategy if I can't figure out how to be a buy/hold investor while mitigating personal liability risk with a legal entity.

thanks in advance for your help and responses!

Just getting my REI business launched and one of the goals is to acquire Buy/Hold property under our LLC (We want the property deeds under our LLC name for personal asset protection)

We have sources of short term capital lined up for Fix/Flips, but the longest term loan I've found is for 5 years w/ Balloon at the end for Buy/Fix/Hold.

Is it possible to get long term loans for a business, specifically 15-30 year amortization loans, similar to residential real-estate loans that a private person can get, and where would I look?

Our personal mortgage company doesn't do this, and my commercial mortgage company doesn't either.

Should I just keep calling more lending institutions?

Any help would be great...thanks!

Justin

Hey @William T. I couldn't agree more with using an LLC for asset protection, yet as @Adam Roberts and I point out above,@Paddy O'dowd is in a unique situation where the properties were purchased in @Paddy O'dowd 's name, thus a deed transfer into an LLC might prove difficult. I'm glad you emphasized the importance of personal asset protection though.

I see two options: 1)You could protect yourself with an umbrella insurance policy, instead of an LLC 2)Talk to the bank (especially if a small local bank or credit union, and with your property/rent/income/lease records, you could try convincing them to allow a deed transfer into the LLC I don't suggest it but another choice, as mentioned before is to transfer deed to the LLC and hope the lender doesn't catch it....they likely wouldn't care if they are getting payments on time, but it's true they could call it due...so then what? This is not an above-board choice so I won't include it as an "option" above, at least not for me if I were in your shoes. Good luck!

I'm hoping to "borrow" a template from someone on BP and get it looked over /modified by my attorney instead of them drafting the whole thing...

How have some of you obtained your buyer and seller wholesaling contracts?

If someone has these contracts specifically for Minnesota and/or Wisconsin, I'd love to take a look!

Thanks in advance for any help!

Justin

515-868-6886

I'm a landlord pondering electronic rent payment... I love automation in business and this seems to be a no-brainer but I understand many landlords have not adopted it. There are lots of options, so it's a little confusing with all of them...

Here are a few quick questions:

1) If you personally don't use electronic rent collection, why not (or why not yet?)

2) If you use electronic rent collection, which do you use and why?

3) What features do you like?

4) What would you change or add to the service you use (or would use if it had this feature) if you could?

Bonus question: What else would you (or do you already) automate in your landlording and/or real estate business if you could?

Thanks for any responses...very much appreciated!

Justin

How does one go about finding a GREAT Real Estate Attorney?

Every real estate investing book I've ever read has trumpeted the importance of getting a lawyer on your team early on.

What is the best way to do this?

Also, how do they generally charge for their services (guessing it depends on the situation and stature of the attorney?)

-hourly?

-per deal?

-are retainers involved?

-other fee structures?

thanks!

Hello BP community!

I'm glad to have found BiggerPockets after having stumbled upon the podcast while searching "real estate investing" on iTunes. ****Quick Tip**** (with Josh and Brandon musical jingle, haha!)... I really enjoy the podcast content, but I'm doubly excited to join the blog and interact with the forum community!

Currently I'm a small time investor/landlord, having started out in 2006 with a duplex, adding a single family in 2010, and just now looking to expand my portfolio into more fix/hold multi-family properties in South Minneapolis, MN over the next few years.

My main goals on bigger pockets are to network with more experienced investors, expand my Real Estate investing acumen, contribute where appropriate, and maybe even find my next deal.

Glad to be here and thanks in advance to my future BP colleagues and friends!

Justin